What are the security concerns?

Upon considering the notion of using Cloud Accounting, or any Cloud-based software solution, most people initially worry that there are going to be security concerns associated with this style of computing. Whilst they are correct that when dealing with sensitive data in any form, security is an important consideration, the idea that Cloud Accounting is less secure than self hosting is usually not based on the facts. Familiarity tends to drive one’s sense of security, and as many people are unfamiliar with Cloud software, they tend to fall back on what they already know.

Better than industry standard measures

The storing and transmitting of financial data via Cloud Accounting uses top of the line security encryption; security frameworks are continuously improving and SSL (Secure Socket Layer) is an industry standard tool. Another important point to bear in mind, is that the security of your data can actually be greater than it would have been self-hosted – Cloud providers can afford security measures that have up-front costs which would be completely unaffordable otherwise.

Cloud-based computing has numerous benefits over self-hosting and security can be listed as one of them. To find out more about Cloud Accounting and how it can help your business, please Contact Us.

Direct Link: Cloud Accounting, a Guide to Security

Our report discusses the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances.

We have also included tips and traps which you may want to consider. The report also contains a calendar of the tax year with important deadline dates shown.

We recommend that you review your financial plans throughout the year, as some aspects of the Budget will not be implemented until later in the tax year.

We’d be happy to discuss with you any of the points covered in this report, and help you adapt and reassess your plans in the light of any legislative changes.

Download our Budget Review PDF here: Click to Download

To discuss any of the points raised in the report, please Contact Us.

Direct Link: Spring Budget 2012 Review

The Association of Chartered Certified Accountants has released a useful list of tips for small businesses to make receive the most benefit from their hidden tax allowances. The tips include information on the following:

Small profits tax rate: If your companies taxable profits are less than £1.5m, you could pay a lower rate of tax.

Working from home: If you work from a home based office, you can claim for costs such as lighting and heating, and even against your mortgage interest. (Note that if you convert part of your home for work use, you may find yourself liable for business rates).

Clothes/uniforms and tools: If you require a work uniform or need to wear protective clothing, you are entitled to claim the right tax deductions. As well as just the initial purchase cost, you can claim for maintenance and cleaning.

Environmentally friendly transportation: Fuel efficient vehicles are eligble for government tax breaks. It is important to maintain detailed records of your vehicle’s use, as you can claim for the maintenance and running costs.

If you are interested in tax planning services and advice for your business, please contact us today.

Direct Link: Making the Most of your Tax Allowances

Cloud computing is software that is delivered as a service (SaaS), rather than a standalone product that one may install locally on his or her computer. Information is shared through a network of computers, rather than stored locally.

This has a number of benefits, including:

Performance: There is less need for a powerful personal computer, as software and data isn’t stored locally.

Accessibility: Data can be accessed from anywhere, as long as there is an internet connection available! Many SaaS packages also offer smartphone support.

Data Sharing: If you need someone to access your data (your accountant for example), it is easy to permit access, without having to meet face to face, or be in the same office.

Security: Most SaaS packages offer regular backups, and very high server security; much more secure than a normal business office. This is also a failsafe against local hardware failures, which can cause data to be lost.

Computing in the cloud is becoming increasingly popular; businesses are now starting to see the many benefits of cloud accounting. If you’d like more information on how accounting in the cloud can help your business, please contact us today.

Direct Link: What is Cloud Computing, and how can it improve my Business?

With Xero’s goal function, it’s now even easier to keep track of your budget over time.

Xero Personal’s new goal history shows exactly what you’re overspending on, and what you need to do to get your budget back under control. It highlights spending that is costing you too much in the long run; this could be something as simple as cutting back on your morning coffee!

When you start a new goal period, the results for the previous day are presented on the overview page. It clearly shows how each aspect of your spending has effected your overall budget.

Watch the video for more information on Xero’s goals functionality.

For more information about how cloud accounting can help streamline your business, please contact us today.

Direct Link: Tracking Goals with Xero

Nigel Freitas of Sky News recently interviewed Xero Australia’s CEO Chris Ridd.

One of the key topics of the interview was the motivations of Xero as a business. Ridd explained that the accounting sector has traditionally lacked innovation; they felt there must be a better way of doing accounting. They saw a need for a cloud based computing application to increase the share-ability of accounting data. By putting a strong emphasis on sharing data, it makes it easier for the client and advisor to work together without the need for time consuming and potentially expensive meetings. The key selling point of Xero is the fact that you can access it through an internet browser, rather than requiring resource-demanding desktop software. Cloud accounting solutions improve speed, flexibility, and reduce costs over traditional desktop accounting packages.

Ridd explained that one of the key benefits of Xero is the fact is is constantly evolving and being updated. Unlike desktop applications which may get one or two large updates every other year (requiring an upgrade of the software from users), Xero updates a frequent basis (65 times in the past 5 years), without requiring any action from the user.

You can view the Sky News interview with Chris Ridd here: Xero Cloud Accounting Interview

For more information on how cloud accounting software can benefit your business, please contact us today.

Direct Link: Xero Cloud Accounting on Sky News

At Pearson Buchholz we take pride in the business services we offer. We offer invaluable support for new businesses; particularly advising on business structure. This includes the implementation of the right nominal ledger structure and recommended reporting levels tailored to your business.

Our business services department is headed by Ian Woollard. Focused towards clients with SME businesses, we provide a number of useful and important services, including Payroll and VAT Compliance, business budgeting and forecasting, management accounts, and more.

Our Business Services department can be seen as added value; it’s key objective is to ensure that payroll and VAT compliance is met, and to provide detailed feedback about what we see.

We also specialise in online accounting, partnering with Xero, one of the leading Cloud Accounting software packages. Xero is extremely user-friendly, targeted towards SMEs and new business owners. If you currently use a traditional accounting package, you may find that Xero streamlines your processes, saving you time and money. This is incredibly important when undertaking a new business venture.

If you’d like more information about the business services we offer, or how Xero can help your business, please contact us today.

Direct Link: Oxfordshire Business Services

Xero has released software for the iPhone, iPad and iPod touch which allows you to take care of your accounting processes whilst on the move. Cloud accounting just got even easier! The user friendly interface lets you use a wide range of intuitive Xero features without needing to be in the office or at a PC.

You can quickly check the balances of all your bank accounts and credit cards. Instantly access your business’s cash-flow data. Check client details on the way to a meeting, displaying their business address on a map. Take photos of expense receipts and instantly upload them to Xero for future reference. You can also create and email invoices on the spot.

The application is designed to make accounting on the move simple and convenient. It even features systems to speed up the logging in process; instead of filling in your full email address and password, simply use a 4 digit pass code.

For more information on Xero, or how accounting in the cloud can save you time and money, please don’t hesitate to contact us.

Direct Link: Xero Touch Mobile Accounting Software for your iPhone and iPad

If you have an interest in accounting in the cloud, you may want to hear about the latest award won by the popular Xero accounting software package.

K2 Enterprises specialise in Technology-Focused Professional Education for Accountants and Financial Professionals in North America. At their 10th Annual Quality Awards, Xero won the award for SaaS (Software as a Service) New Product.

The Awards winners are chosen by a voting poll of the experienced K2 Enterprises instructors. K2 Enterprises CEO, Val Steed, stated:

“The SaaS category of solutions really deserves dedicated recognition… the whole world of accounting technology solutions is evolving rapidly and we want to recognise those who are doing a great job.”

Xero now boasts over 50,000 users; success achieved through an emphasis on ease of use and state of the art features. This is a very impressive feat for a relative newcomer to the accountancy software market.

If you’d like to find out how Xero Accounting software can help improve your accounting processes, please Contact Us.

Direct Link: Xero Accounting Software Wins Quality Award

What is Cloud Accounting?

Cloud Accounting is an amalgamation of two contemporary ideas:

1. The use of accounting software to speed up and refine accounting processes.
2. Internet based computing, accessed from any location, using shared resources, software and storage.

Cloud Accounting offers businesses a solution to run their accounting processes entirely online, “in the cloud”. This has a number of clear benefits, including a lack of reliance on locally installed software. An individual’s or business’s accounts can be accessed from anywhere in the world, as long as an internet connection is available. In some cases, data can even by accessed by suitable smartphones and tablet devices.

Accounts can also be accessed by anyone granted access. This means that an accountant can make changes or adjustments to a clients/employers account without the need for face to face meetings. Reports can be pulled whenever needed, in real time.

An associated benefit of Cloud Accounting is security. Having data and backups located off-site means that there is a much lower risk of losing data due to damaged systems or criminal damage.

Xero has numerous benefits which can help to dramatically reduce accounting related workload, whilst increasing convenience. For more information on how Xero Accounting can help your business, please do not hesitate to contact us.

Direct Link: Cloud Accounting with Xero